Ripple [XRP] climbed to a local high of $0.744 on the 11th of March. Since then, the market-wide sell-off forced the altcoin’s prices to tumble.
The ongoing SEC vs. Ripple case has some important dates coming up. This could impact investor sentiment.
Another sign that bullish sentiment was cooling down was whales moving their XRP holdings to centralized exchanges.
The court rulings in the SEC-Ripple tussle, alongside the wider market forces, would likely play a vital role in XRP’s price action in the coming weeks.
Ripple Labs 101
XRP is a cryptocurrency that Ripple Labs uses to conduct transactions on its network.
While Ripple is a centralized fintech company that began as RipplePay in 2004, it was later co-founded by Chris Larsen and Jed McCaleb in 2012 with the vision of creating a faster and more secure way of doing transactions around the world.
Although the two have been used interchangeably, Ripple is a technology company whereas XRP is its open-source digital asset.
The crypto operates on its blockchain known as the XRP ledger (XRPL) where transactions are facilitated by RTXP or the Ripple transaction protocol.
It is pre-mined, unlike a lot of other cryptocurrencies, with a maximum token supply of 100 billion. The main purpose of the crypto is to serve as a settlement layer that aids in transactions with the Ripple network.
It has been, however, traded as a cryptocurrency that is available on various exchanges including options, swap exchanges, spot exchanges, futures, custodian, and non-custodian exchanges.
XRP vs. SEC: The clash
The United States SEC filed a lawsuit against Ripple Labs in 2020 for selling X
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Author: Akashnath S
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